Economists have warned Donald Trump‘s plan to impose a 25 percent tariff on all products entering the United States from Mexico and Canada could have a dramatic impact on the economy of Texas, with one predicting it would cost 370,000 jobs in the Lone Star State.
The president-elect made the announcement on his Truth Social website on Monday, claiming the tariffs would remain in place “until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!”
Trump’s pledge to crackdown on illegal immigration into the U.S. was one of the key pillars of his successful 2024 presidential election campaign. Data from the Bureau of Labor Statistic’s current population survey estimated that in July 2023, there were 11.7 irregular migrants living in the country, up 800,000 on the figure for July 2022.
Speaking to Newsweek, Ray Perryman, CEO of financial analysis firm The Perryman Group, said the move would have a …